Contact Congress about S. 2845: Billionaires Income Tax Act
Ultra-wealthy taxpayers would owe tax each year on many gains from investments they still own. The bill also taxes many gifts, inheritances, trust transfers, and deferred pay tied to those taxpayers.
Modern Action explains legislation in plain English, helps you choose whether to support, oppose, or ask for changes, and drafts a message tied to the bill, your stance, and the elected officials who can act on it.
Billionaires Income Tax Act is a Senate bill in committee. The latest recorded action: Read twice and referred to the Committee on Finance.
Latest action on S. 2845: Read twice and referred to the Committee on Finance.
Who this affects: This bill mainly affects billionaires, some people with very high yearly income, and large trusts or estates tied to them. It also affects businesses and financial firms that hold, manage, insure, or report assets for those taxpayers.
Why this matters: This bill matters because it would change when the richest taxpayers pay tax on growing wealth. Under current law, tax often waits until an asset is sold. The bill would tax many gains each year and add charges for past delay. It could raise money from a small group, but it could also change how wealthy families invest, borrow, give assets away, and plan estates.
Key provisions in S. 2845
- The bill defines who falls under the new tax system. It mainly covers people with more than $100 million in adjusted income for each of three years, or more than $1 billion in covered assets, with related rules for large trusts and foreign persons.
- Covered taxpayers would pay yearly tax on many easy-to-price assets. They would treat those assets as sold at fair market value at the end of each tax year.
- Many transfers of hard-to-price assets would become taxable. This includes some corporate restructurings and like-kind exchanges, and the bill adds a deferral recapture charge for past untaxed gains.
- Many gifts, inheritances, and trust transfers would count as sales. The bill keeps limited exceptions for some spouse transfers, charity transfers, and specific trust types.
- Pass-through businesses would have new reporting duties when major owners are covered taxpayers. This includes partnerships, S corporations, and similar entities, which would report gains, losses, and holding periods; some could choose to be taxed directly under the mark-to-market rules.
How Modern Action helps you take action on S. 2845
You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.
Questions people ask about S. 2845
- What is S. 2845?
- Ultra-wealthy taxpayers would owe tax each year on many gains from investments they still own. The bill also taxes many gifts, inheritances, trust transfers, and deferred pay tied to those taxpayers.
- How do I support or oppose S. 2845?
- Choose support, oppose, or ask for changes on Modern Action. The action flow drafts the message for you and keeps the wording tied to this bill.
- Who should I contact about S. 2845?
- Modern Action uses your location to route the action to the congressional offices relevant to the bill and your representation.
- Can Modern Action explain S. 2845 before I act?
- Yes. Modern Action gives you a plain-English summary, current status, and action context before you send anything.
